Brick Lane mixed-use site marketed for £30m

A mixed-use asset on London’s Brick Lane has been brought to market, offering a range of repositioning opportunities for potential buyers. The building at 80 Hanbury Street, E1, is being marketed by Allsop on behalf of a private individual for £30m. With 60,551 sq ft of office space across the ground and three upper floors, as well as 6,700 sq ft of residential space on the fourth, the property brings in annual rent of £2.7m. The office space is let to serviced office operator Second Home until March 2034 at £2.4m per year, or £39.75 per sq ft. The residential space is leased to student accommodation provider Anglo American Educational Services until July 2033, with a landlord-only break option in July 2028. The rent amounts to £300,293 per year, or £44.81 per sq ft. The property is Article 4 excluded, which means conversion from office accommodation to residential is allowed under permitted development rights. Architects at GPAD have explored three options for redevelopment, which see a large yard being turned into either a new-build residential block or part of the enlarged main building. The first option would modernise the existing offices and retain the residential apartments on the fourth floor, while adding a new-build 5,791 sq ft residential building of eight units. The second would involve retrofitting the building, which would become solely for residential use. This would result in the creation of 61 one- and two-bedroom homes, as well as the eight new-build units included in the first option. The last option would also create a resi-led scheme, which, assuming vacant possession can be obtained, would remove the existing fourth floor and add four floors, creating a total of 262 bedrooms.